The stock market has been under pressure due to the Fed’s aggressive interest rate hikes. Despite the Fed’s hawkish stance, inflation has persistently hovered around the multi-decade high level.
August’s consumer price index (CPI) rose 8.3% year-over-year, beating economists’ estimates. The stubborn inflation sprung the Fed back into action, and it hiked the benchmark interest rate by 75 basis points last month for the third consecutive time.
